After three attempts, Xunce (03317.HK) finally successfully rang the bell at the Hong Kong Stock Exchange (HKEX) at the end of 2025, carrying the aura of being the "first Data Agent stock" in the Hong Kong AI large model sector.

Despite briefly falling below its offer price at the opening on its debut day, Xunce’s share price has since trended upward amidst fluctuations and has successfully been included in the Hang Seng Composite Index.

The "Chinese Version of Palantir": Included in Hang Seng Index Within Two Months of Listing

NewTimeSpace has learned that since 2024, Xunce submitted its prospectus to the HKEX three times in its pursuit of a public listing.

Public information shows that Xunce is a solution provider for "real-time data infrastructure + AI data analysis applications." It is a technology company that ingests various enterprise data sources in real-time, cleans and manages them uniformly, and provides real-time analysis and decision support on that basis.

Xunce’s core product is a unified real-time data platform capable of completing the collection, cleaning, management, analysis, and governance of heterogeneous data from multiple sources within milliseconds to seconds. This ensures that data is immediately available for decision-making or further action once collected.

Based on this infrastructure, the company has also built a data analysis application layer, utilizing real-time data to generate insights, make predictions, and support business decisions, effectively achieving rapid conversion from data to value. Due to this model, Xunce is regarded by the outside world as the Chinese version of Palantir or Snowflake.

It is understood that in January 2026, Xunce reached a strategic cooperation framework agreement with Goldstone Investment Group. The two parties will engage in deep synergy across multiple levels, including real-time data infrastructure, wealth management technology product innovation, fintech project investment, and business services, aiming to jointly cultivate a "data + capital" integrated ecosystem.

NewTimeSpace has learned that Goldstone Investment Group has continuously increased its holdings in Xunce through the initial public offering and subsequent secondary market transactions since December 2025.

According to uSMART Securities, the implementation of this series of capital moves and strategic agreements fully reflects Goldstone Investment’s high recognition of Xunce’s technical strength and market prospects in the field of real-time data infrastructure. It also marks a substantive progression from capital linkage to industrial synergy between the two parties.

While its share price continued to rise, Xunce was included in the Hang Seng Composite Index on February 13, 2026. The relevant adjustments will be implemented after the close of market on March 6, 2026, and will formally take effect on March 9. This means the company secured its qualification for the Hang Seng Index in just 45 days.

Revenue and Profit Decouple as Share Price Continues to Rise

During the Lunar New Year holiday, the domestic large model field witnessed a dense wave of new releases and version upgrades. Manufacturers such as DeepSeek and MiniMax successively released or previewed next-generation model products, significantly heating up market expectations for the pace of AI application implementation and commercialization prospects.

Under the industrial logic of "computing power + data," Xunce became a new focus of the capital market, with its share price once rising to HK$95. As of the close on March 3, the company was quoted at HK$77.45, representing a cumulative increase of 61.35% from its offer price of HK$48, with a market capitalization of HK$24.99 billion.

While Xunce’s share price is thriving, its fundamentals present a contrasting picture.

The prospectus shows that Xunce's revenue in 2022, 2023, and 2024 was RMB 288 million, RMB 530 million, and RMB 632 million, respectively. The losses for these periods were RMB 96.51 million, RMB 63.39 million, and RMB 97.85 million.

In the first half of 2025, Xunce’s revenue was RMB 198 million, a 30% decrease compared to the same period of the previous year. The loss for the period was RMB 108 million, compared to a loss of RMB 97.76 million in the same period of the previous year.

Xunce primarily attributes its continuous losses to significant R&D and administrative expenses. Regarding R&D investment, Xunce’s expenditures for the full years of 2022, 2023, 2024, and the first half of 2025 were RMB 258.8 million, RMB 379.1 million, RMB 450.4 million, and RMB 168.1 million, respectively.

R&D expenditure is a major item; from 2022 to 2024, the company’s total R&D expenses as a percentage of revenue were approximately 90%, 72%, and 71%, respectively.

NewTimeSpace has learned that according to the prospectus, all of Xunce’s customers are paying customers. From 2022 to 2024 and the first half of 2025, the number of the company's returning customers was 105, 115, 113, and 94, respectively, showing a clear decline.

In the first half of 2025, Xunce’s paying customers dropped from 169 in the same period of 2024 to 121, a decrease of 28%. Furthermore, the Net Revenue Retention (NRR) rate, which reflects customer stickiness, plunged from 81% to 36%.

Intense Industry Competition; Launch of International Layout

Amidst the wave of large models and Data Agents, high-quality, real-time data infrastructure is regarded as the "water, electricity, and coal" of the AI era.

According to prospectus materials provided by Xunce, in 2024, asset management accounted for 11.2% of China’s total real-time data infrastructure and analytics market. Based on 2024 revenue, Xunce ranked first in the real-time data infrastructure and analytics market within China’s asset management industry, with a market share of 11.6%.

NewTimeSpace understands that many big data and AI companies are promoting "Data + AI Agent" narratives, creating competition with Xunce for capital and customer mindshare.

By the end of 2024, the total number of participants in China’s real-time data infrastructure and analytics market exceeded 400, with a market size of RMB 18.7 billion. Driven by increased investment in digital transformation and growing demand for data and analytics solutions across various industries, the market is experiencing strong growth, but competition is also intensifying.

Current market participants are mainly divided into three categories: first, large cloud service providers such as Alibaba Cloud and Tencent Cloud, which provide full-stack services leveraging their ecosystem advantages; second, professional vertical vendors like Xunce, which focus on real-time data processing and form technical advantages in niche areas; and third, traditional IT solution vendors gradually extending into the real-time data field.

Companies like Digital China Information Service (DCITS), which have spent years deeply cultivating and covering full business process solutions for the traditional financial industry, are also currently strengthening their full-stack financial digitalization capabilities for deep service business.

Furthermore, as the data element market heats up, emerging startups such as Oushu Technology, Shulan Technology, and Kyligence continue to emerge, which may present challenges to Xunce’s development in the future.

Compared with foreign markets, China’s data development and utilization field is still in its early stages. Currently, overseas companies such as Databricks, Palantir, and Snowflake have a combined market capitalization of US$750 billion.  

In 2026, Xunce also plans to follow its leading customers "overseas." Regarding international layout, the company aims to establish local teams in Singapore, Japan, and Europe to target frontier directions such as robot training data platforms and commercial satellite real-time computing.  

With the development of the AI wave, facing such a large market space, listing is only the starting point for Xunce. Whether it can combine its real-time data processing capabilities with new market demands and whether it can achieve a turnaround in its fundamental performance will impact its future competitiveness.  

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